Can an NRI borrow from Housing Finance Institutions for purchase of property in India?
Ans. RBI has granted general permission to Authorized dealers, and Housing Finance Institutions (e.g. HDFC, LIC Housing Finance Ltd.) approved by the National Housing Bank to lend NR Indian citizens to buy residential property for self occupation subject to certain terms and conditions. Hence, Non-resident Indian Citizens can buy property in India out of borrowed funds. RBI has also vide its Circular No.95, dated 26th April 2003, grated authorized dealers or housing finance institution in India approved by the national Housing Bank to grant housing loans to NRIs/ PIOs in rupees for renovation/ repairs/ improvement to residential accommodation owned by them.
Related Questions
- What formalities have to be completed by NRI’s to purchase residential immovable property in India under the general permission?
- Can NRIs obtain loans for the purchase of residential real estate from financial institutions providing housing finance ?
- Can an NRI borrow from Housing Finance Institutions for purchase of property in India?
